Corvette the leading car manufacturing company acquired a machine for Rs.125,000 on Jan 1, 2004 estimated life was 8 years. Depreciation is charged on straight line method. On Jan 1, 2009 the machine was revalued at Rs.70,000.Apart from recording revaluation entry, no other entries have been passed

Required Calculate the value of depreciation expense and pass journal entry in accordance with IAS-16

Calculate the value of revaluation surplus and pass journal entry in accordance with IAS-16

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by kashif187</i>
<br />Corvette the leading car manufacturing company acquired a machine for Rs.125,000 on Jan 1, 2004 estimated life was 8 years. Depreciation is charged on straight line method. On Jan 1, 2009 the machine was revalued at Rs.70,000.Apart from recording revaluation entry, no other entries have been passed

Required Calculate the value of depreciation expense and pass journal entry in accordance with IAS-16

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by kashif187</i>
<br />Corvette the leading car manufacturing company acquired a machine for Rs.125,000 on Jan 1, 2004 estimated life was 8 years. Depreciation is charged on straight line method. On Jan 1, 2009 the machine was revalued at Rs.70,000.Apart from recording revaluation entry, no other entries have been passed

Required Calculate the value of depreciation expense and pass journal entry in accordance with IAS-16

revaluation surpluls at the end will be transferred to retained earing
what will be the effect of deferred tax?
tax base of revaluation surplus is zero.
deferred tax asset created for the diffirence. I have read the book of Kamran but that is confusing. can anyone explian it in detail?
mean what entry will be pass for deferred tax